Sebi facilitates registration of certain categories of FPIs
To facilitate entry of FPIs and reduce duplication of information, Sebi on Tuesday proposed a shortened version of the Common Application Form (CAF) that only requires specific information from the applicant.
In addition, all remaining information will be filled in automatically from the savings records or certain fields will be disabled if not required.
Also, applicants will have to ensure that the information provided earlier remains unchanged, Sebi proposed in its consultation paper.
The regulator noted that if there are certain categories of Foreign Portfolio Investor (FPI) applicants such as multiple funds under the Investment Manager (IM), small master fund funds, or insurance company programs, most of their relevant information has already been captured. in the CAF depository module, which can be used without requiring the same from the specified applicants.
In addition, there are certain fields that are meant only for individual FPI applicants and will not apply to applicants in these categories, it added.
Therefore, in order to save valuable time and effort for those FPI applicants, in terms of reviewing the application and signing the CAF, it is suggested that only such unique information be required from the applicants.
In case of applicants who do not fit under certain categories, Sebi has proposed an abbreviated version of CAF to apply only those fields which are unique to the applicants.
The remaining fields should be filled in automatically from the information available in the accounting system or should be closed, as applicable.
“While using available information, express permission to use available information and to ensure that all information other than that mentioned in the abbreviated version of the CAF remains unchanged, shall be obtained from the applicant,” Sebi proposed in its discussion paper.
After receiving the information from the applicant, the depositors must update the information in CAF by comparing it with the applicant’s registration number for future reference purposes and ensure that the CAF Module in the deposit system shows complete information (information filled by the applicants and those that are automatic. -full in the system) and the same download is possible.
“There was feedback that the abbreviated version of the CAF, with only these fields different from the above-mentioned applicants, will help save significant time and effort in terms of reviewing the application and signing a reduced number of pages,” Sebi said.
The Securities and Exchange Board of India (Sebi) has sought public comments until October 15 on the proposals.